Qatar Holding has bought 40% of the Porta Nuova real estate development project in Milan. This was announced by the Arab group and Hines Italia sgr in a note. By subscribing to newly issued shares, Qatar Holding will acquire a stake of approximately 40%, while the remaining 60% will continue to be held by the current shareholders.
The banks financing the operation are Intesa Sanpaolo, Unicredit, Hypothekenbank Frankfurt, Banca Popolare di Milano and Monte dei Paschi di Siena. 'Qatar Holding's investment in Porta Nuova - explains a note - diversifies the portfolio in general and increases its presence in the Italian real estate market in particular. The project will bring about a radical transformation for the country and will create value for everyone involved'.
The value of the transaction has not been disclosed, but Porta Nuova represents one of the largest urban redevelopment projects in Europe, with a market value of more than 2 billion euros. Inside there is also the new Unicredit headquarters designed by the Argentine architect Cesar Pelli.
